Amadeusz Juskowiak

Banner bnr completes tender for rexnord rex

Banner Industries Inc said 198 mln of the outstanding 20 mln shares in Rexnord Inc were tendered pursuant to its 2625 dlr a share offer that closed at midnight EST Feb 27

Together with the five mln Rexnard shares it already owns the company said it now holds a 97 pct stake in the company

It said the completion of the deal is subject to approval by Rexnard holders and to other closing conditions It expects the deal to close in about 60 days